eraxular

USDCAD potential short?

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
Hi guys, this is just a quick and simple analysis on USDCAD for a potential sell. USDCAD has had a lovely sell off recently and I can't see any reason for it to not carry on selling off.
Price is respecting R1 and has rejected it.
Price has formed a bearish engulfing on the 4HR.
Price has shown high volume of bearish momentum.

Let me know what you guys think of this!!

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